Corn: December corn futures climbed 4 3/4 cents to $4.18, ending near this week’s highs and marking a 10 3/4 cent gain on the week. Corn futures ended the week on a high note, closing on this week’s highs. The technical posture for corn futures remains quite bullish as prices are in a month-long uptrend on the daily bar chart.
Soybeans: November soybeans rallied 24 3/4 cents to $10.65 3/4 and surged 53 3/4 cents on the week, while December soymeal closed $17.30 higher at $344.10, marking a three-month high close and a $24.90 week-over-week gain. December soyoil slid 54 points to 42.36 cents but notched a 100-point weekly gain. Soybeans caught a bid to end the week as surging soymeal futures led the grain complex higher.
Wheat: December SRW wheat futures fell 4 1/4 cents to $5.80, near mid-range and on the week up 12 1/2 cents. December HRW wheat futures dipped 2 1/4 cents to $5.76 3/4, nearer the daily high and for the week up 12 3/4 cents. December spring wheat futures fell 3 1/4 cents to $6.08 1/4 and rose 1/4 cent on the week. Another week of mostly sideways and choppy trading for the winter wheat futures markets, with neither the bulls nor the bears gaining much traction.
Cotton: December cotton fell 30 points to 72.72 cents and gave up 80 points on the week. Cotton futures posted mild losses to end the week, though technical support and modest outside market support curbed a move lower.
Cattle: December live cattle futures fell 35 cents to $184.475 but for the week gained $1.275. November feeder cattle futures rose 72 1/2 cents to $245.70 and on the week were up $3.885. Both markets today hit nearly two-month highs early on. Live and feeder cattle futures bulls had a very good week.
Hogs: Hog futures closed mostly lower in the wake of Thursday’s USDA Hogs & Pigs report. Nearby October futures inched up 2.5 cents to $82.05, while most-active December fell 55 cents to $73.375. The Sept. 26 USDA Hogs & Pigs report implied fourth-quarter hog slaughter will run about 3.5% over year-ago levels, which topped industry expectations for approximate 1.0% gains, thereby increasing the potential for seasonal price weakness during the coming weeks.